AN ACT relating to property taxes.
Amend KRS 132.200 to exempt property placed in a warehouse or distribution center for subsequent shipment to an out-of-state destination from local property taxes; repeal KRS 132.095; apply for tax assessments made on or after January 1, 2000.

HCS/FN/LM - Create new sections of KRS Chapter 132 to exempt from the property tax for state purposes, personal property placed in a warehouse or distribution center for subsequent distribution to an out-of-state location; provide that the tax rate levied by cities, counties, and school districts on personal property placed in a warehouse or distribution center for subsequent distribution to an out-of-state location shall be 80% of the tangible personal property levied for assessments made January 1, 2000, 50% of the tangible personal property levied for assessments made January 1, 2001, and exempt from city, county, and school district property tax for assessments made on or after January 1, 2002; provide that fire districts and special taxing districts may exempt property placed in a warehouse or distribution center for subsequent distribution to an out-of-state location; repeal KRS 132.095.